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A high interest savings account (HISA) provides an opportunity to grow your money and reach your financial goals faster.

That said, the interest rates offered by big banks are often not as competitive as one would like, especially when compared to digital bank savings.

TD Canada Trust has two savings accounts that fit into the high interest category:

  • TD High Interest Savings Account, and
  • TD ePremium Savings Account

To earn interest in these accounts, you will need to maintain a minimum balance of $5,000 or more.

This review of TD’s high interest savings accounts covers their features, benefits, downsides, fees and alternatives.

For a list of the best savings accounts rates in Canada, click here.

About TD Canada Trust

TD Canada Trust is TD Bank Group’s customer-focused personal and small business banking business.

It serves over 15 million clients nationally and offers them access to 4,000 TD ATMs across Canada and the U.S.

The TD Bank Group was created in 1955 following the merger of the Bank of Toronto and The Dominion Bank.

It is one of the largest financial institutions in Canada and trades on the Toronto and New York stock exchanges under the symbol ‘TD’.

TD HIGH INTEREST SAVINGS ACCOUNT REVIEW.

1. TD High Interest Savings Account

The TD High Interest Savings Account is TD’s standard HISA account for those looking to earn a higher rate in their savings held at the bank.

It offers a tiered interest rate up to 0.05% on balances exceeding $5,000. For balances below $5,000, the interest rate is 0%.

Account Balance
Interest Rate
$0 to $4,999.99
0.00%
$5,000 to $49,999.99
0.05%
$50,000 to $99,9999.99
0.05%
$100,000 to $249,999.99
0.05%
$250,000 to $1 million
0.05%
$1 million+
0.05%

These rates are significantly lower than what you would earn from an EQ Bank Savings Plus Account (1.50%*) or Tangerine Bank (0.15%).

The other features of the TD HISA are:

  • $0 monthly account fee               
  • Transaction fees are waived with a minimum monthly balance of $25,000
  • Access to automated savings
  • CDIC protection up to $100,000 per category
  • Mobile cheque deposits using your Smartphone

2. TD ePremium Savings Account

The TD ePremium Savings Account is TD’s second HISA account. It offers a tiered interest rate up to 0.10% on balances of $10,000 and over.

Account Balance
Interest Rate
$0 to $9,999.99
0.00%
$10,000 to $49,999.99
0.10%
$50,000 to $99,9999.99
0.10%
$100,000 to $249,999.99
0.10%
$250,000 to $1 million
0.10%
$1 million and over
0.10%

Other features of this account are:

  • $0 monthly account fee
  • Unlimited free online transfers to your other TD accounts
  • Access to Automated Savings

The TD ePremium Savings Account has a slightly higher interest rate compared to the TD HISA, however, it is not much better when compared to alternatives.

TD High Interest Savings Account Fees

TD savings accounts may incur fees when you perform certain transactions such as ATM withdrawals or sign up for paper statements.

Fees to keep in mind include:

Transaction
Fee
Non-TD ATM in Canada
$2 each
Foreign ATM in U.S. or Mexico
$3 each
Foreign ATM in any other foreign country
$5 each
Transactions (bill payments, Interac e-Transfers, cheques, pre-authorized debits, etc.)
$5 each
Paper statement fee
$2 per month

Other TD Bank Savings Accounts

TD offers two other savings accounts:

TD Every Day Savings Account: This is TD’s regular savings account. It has a tiered interest rate up to 0.01% and includes 1 free transaction per month. There is no minimum balance to waive the fees on excess transactions, although transfers to your other TD deposit accounts are free.

TD Youth Account: This hybrid account (chequing + savings) is available to children 18 years and under and offers:

  • $0 monthly fee
  • Unlimited transactions
  • Automated savings

Interac e-Transfer cost $0.50 to $1 each and regular non-TD and foreign ATM fees apply.

Find out more about children’s savings accounts.

TD High Interest Savings Accounts Alternatives

The best high-interest savings accounts are often offered by online banks such as EQ Bank, Tangerine, and Motive Financial. Financial technology companies such as Wealthsimple also do well.

See how they compare with TD HISA account below:

Related: RBC High Interest Savings Account.

TD High Interest Savings Account
TD ePremium Savings Account
EQ Bank Plus Savings Account
Tangerine Savings Account
Wealthsimple Cash
Interest Rate
Up to 0.05%
Up to 0.10%
1.50%*
0.15%
0.75%
Promotional Rate
N/A
N/A
N/A
2.50% for first 5 months
N/A
Monthly account fee
$0
$0
$0
$0
$0
Minimum balance  to earn interest
$5,000
$10,000
None
None
None
Minimum balance to waive transaction fees
$25,000
N/A
N/A
N/A
N/A
Number of free transactions
None unless you keep $25k or more
Free transfers to your other TD deposit accounts; otherwise $5 each
Unlimited (includes free Interac e-Transfers and bill payments)
Free transfers to linked bank accounts
Free transfers to linked bank accounts
Noteworthy features
Automated savings plan, mobile app
Automated saving plan, mobile app
Free mobile cheque deposits; cheap international money transfer; automatic savings mobile app
Automatic savings, mobile app, access to free chequing
Automatic savings, mobile app; access to free brokerage platform
 Learn more
 
 

TD High Interest Savings FAQs

What is the best TD Savings account?

To earn the best rates on your money if you are a TD client, you can check out their TD high interest savings or TD ePremium savings. The interest rate being offered is up to 0.10% which is a lot lower than the best savings rates in Canada.

What is the highest interest rate on a savings account in Canada?

Online banks such as EQ Bank offer some of the best non-promotional savings rates in Canada. This comparison table shows how TD, Wealthsimple, Tangerine, and EQ Bank savings accounts compare.

How much interest will I get per year on $10,000 held in a TD Savings account?

Using compounding interest calculated on a daily frequency, your principal will increase to $10,005 after 12 months. This assumes you keep your funds in the TD HISA at a 0.05% interest rate and you do not make any further contributions. The interest earned after 1 year on a $10,000 savings is $5.

Related reading

Do you have a TD high interest savings account? Let us know what you think in the comments.

TD High Interest Savings Account Review
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Summary

Learn about TD’s High Interest Savings Account features including its interest rate, fees, downsides, and how it compares to alternatives HISA savings accounts in Canada.